Thursday, August 20, 2009

Student Loans/Debt: What are these new programs?


This fantastic website does the job of explaining two new student loan repayment programs that can ease the burden for students who take jobs in certain public service sectors (which aren't usually known for high income!):

What are these new programs?

Income-Based Repayment
Public Service Loan Forgiveness

Income-Based Repayment

Income-Based Repayment (IBR) is a new payment option for federal student loans. It can help borrowers keep their loan payments affordable with payment caps based on their income and family size....

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Public Service Loan Forgiveness

Public Service Loan Forgiveness is a new program for federal student loan borrowers who work in certain kinds of jobs. It will forgive remaining debt after 10 years of eligible employment and qualifying loan payments. (During those 10 years, the Income-Based Repayment (IBR) plan can help keep your loan payments affordable.)

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See http://www.ibrinfo.org/what.vp.html#pslf for complete info and links. And thanks to Lee Dobratz, Director of the Council Grove Public Library for pointing it out.

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